For individuals looking to buy or sell in Florida, now may be the time. According to newly released information provided by Florida Realtors, Florida saw an increase in home sales and median prices in the month of September compared to the month prior and the same time last year.
According to the data, the median price for a home increased 11.1 percent to a price of $199,900 compared to last year. Condo prices and sales are also up 5.1 percent from that of last year. While home and condo sales are increasing, short sales in the area are not. They are down 36 percent from last year for single family homes and 43 percent for townhomes and condos.
Florida Realtors chief economist says that both condo and home sales are up in every metropolitan area of Florida that is used for statistical analysis. An improving market and increase in home sales have impacted the housing inventory so much that the decrease in homes on the market or 'inventory' has hit the $250,000 level.
The chief economist does anticipate that the housing market will even out sometime in 2016 as mortgage rates begin to catch up to the market rebound. When home and condo sales improve, usually the overall economy does, too, which puts lenders in a position to approve more loans. If that is the case, lenders will begin to increase mortgage rates and the market will level out.
While the improving Florida housing market and impending mortgage rate increases may make potential buyers want to rush out and purchase a home, it is a big decision that warrants much consideration. Speaking to a residential real estate attorney can help buyers stay informed of their rights before, during and after a purchase.
Source: SaintPetersBlog, "Florida real estate market heats up as sales, prices increase and inventory tight," Drew Wilson, Oct. 26, 2015